New Housing Starts Fall 6% in August

ew housing starts fell 6% in August, the Commerce Department said Tuesday.

Starts fell to a 1.665 million unit annual rate, their lowest level since April 2003, the department said.

The drop exceeded economists’ forecast of a 1.746 million pace, Bloomberg reported.

Building permits, an indicator of future construction, fell to an annual rate of 1.772 million, down from 1.763 million in the previous month.

ncreased construction can mean more business for flatbed trucking companies that haul building materials. In home construction, dry van freight can see demand increases in for delivery of household appliances and furniture.

Housing starts fell in three of four national regions, rising only in the Northeast.